HYDERABAD: The Central Bureau of Investigation (CBI) conducted searches at six places in Hyderabad and Karnataka as part of their investigation into the 16-crore loan case involving State Bank of India (SBI) officers and directors of Renlife Labs Private Limited.
The CBI, on December 31, had registered a case against directors of Renlife Labs — Arul Prakash and Abdul Azeez — for allegedly colluding with officials of SBI Bank’s Mahabubnagar branch to obtain a loan of `16 crore by submitting fabricated property documents.
The CBI had also booked the bank officials — SBI Bank Mahabubgunj officer Pawan Kumar, chief manager J Nageswara Sarma, branch manager Shashi Shankar — under sections relating to criminal conspiracy, cheating, criminal breach of trust by public servant and criminal misconduct by a public servant.
According to the complaint of Vijay Raghavendra, a resident of Mysore of Karnataka, directors of Renlife Las had raised Rs 16 crore loan by claiming that they were the owners of his property in Mysore. The Mahabubgunj branch officials sanctioned their loan without verifying the property details and disbursed the amount to the accounts of the accused.
“During investigation, it was revealed that the property that was pledged with the SBI of Mahabubgunj branch is fake and fabricated.
The accused also submitted that the landowner had died and submitted fake death certificates in support of their claim,” sources said. During the searches, the agency officials are understood to have seized some documents regarding the case. CBI officials also conducted searches at the Mahabubgunj SBI branch and seized records showing the sanction of loan to the accused.
The case so far
Vijay Raghavendra, a resident of Karnataka, complained that directors of Renlife Las had raised `16 crore loan by claiming that they were the owners of his property in Mysore. The SBI’s officials sanctioned their loan without verifying the property details, he alleged